Lubricants are materials that reduce the friction between components in a vehicle. Automotive lubricants include fluids such as engine oil, gear oil, transmission fluid, and brake oil. These are used to reduce the friction between the surfaces in contact, which will improve the efficiency of automotive components such as engines, brakes, and gear system. These lubricants also help in removing unwanted particles that cause disruptions in the functioning of automotive parts.

Technavio’s analysts forecast the global automotive lubricants market to grow at a CAGR of 4.60% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global automotive lubricants market for 2017-2021. To calculate the market size, the report considers the sales volume of lubricants in the OEM market.

The market is divided into the following segments based on geography:

Americas

APAC

Europe

Technavio's report, Global Automotive Lubricants Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

Shell

ExxonMobil

BP

Chevron Corporation

Other prominent vendors

Bharat Petroleum Corporation

Gulf Oil

Indian Oil Corporation

Motul

China Petrochemical Corporation

Total

Market driver

Heavy dependence on IC engines for logistics

For a full, detailed list, view our report

Market challenge

Rise in demand for battery electric vehicles

For a full, detailed list, view our report

Market trend

Constant need for technological upgrade

For a full, detailed list, view our report

Key questions answered in this report

What will the market size be in 2021 and what will the growth rate be?

What are the key market trends?

What is driving this market?

What are the challenges to market growth?

Who are the key vendors in this market space?

What are the market opportunities and threats faced by the key vendors?

Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is constant need for technological upgrade. The rapid technological advances in the manufacturing of machinery and automobiles are intensifying the need for environment-friendly and high-performance lubricants and lubricant additives. Therefore, lubricant manufacturers must constantly upgrade their production capabilities and product portfolio to match the revised requirements.”

According to the report, one driver in the market is heavy dependence on IC engines for logistics. Emerging countries like India and China are exhibiting an increase in the preference for transportation through roads. In 2016, IC engines held a market share of more than 95% of the total commercial vehicles sold globally and played a key role in logistics. In the commercial vehicles segment, there are hardly any vehicles that run on battery or alternate fuels. Hence, there is a high dependency on IC engines for transportation. All such engines require lubricants. Even the amount of lubricants required in medium and heavy vehicles is more than other vehicles.

Further, the report states that one challenge in the market is rise in demand for battery electric vehicles. The sales of battery electric vehicles have been gaining momentum since 2014. Though many factors have contributed to the growing sales of battery electric vehicles, the most crucial factor is the government initiative to promote the adoption of battery electric vehicles among consumers. The battery electric vehicles market is nurtured by governments worldwide to curb high emission levels. The global battery electric vehicles market is flourishing due to numerous benefits and perks provided by governments.